51772 Currant Rd · Granger, IN 46530

$225,000

1 bd · 1.0 ba · 1,175 sqft · SingleFamily public records · 151 Days on market

Built 1948 2.00 ac lot $191/sqft · 14% below area Est $260k · 14% under

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +13.6/15.0
• Cash flow +11.3/30.0
• Schools +5.1/10.0
• Livability +3.9/5.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice and spacious home. The addition was added on in 2009. 2 acres of property for future additions. Nice sized above ground pool - stays.

Key facts

• 2 acres of property
• Above ground pool
• 2 acre lot

Tags

• 2 ACRES OF PROPERTY
• ABOVE GROUND POOL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-83 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (28.9% below list).
• Recommended offer: $160k (28.9% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.3% in Granger — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#33 in IN, #2,584 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 204 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).
• This rent is only 16% of the median local income ($122k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,895 (28.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.71% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• GRM: 11.7

CMA / ARV

• ARV (median comp): $260,278
• List price: $225,000
• Delta: -13.55%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13229 Anderson Rd	0.24mi	2/1.0 (+1)	1,300 (+11%)	10mo	$215,000	$165	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.34×
• Total profit: $-41,874
• Equity at exit: $33,548

10-year hold

• IRR: -11.6%
• Equity multiple: 0.31×
• Total profit: $-43,723
• Equity at exit: $19,454

Cash invested: $63,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46530

• Home prices YoY: -32.8%
• Active inventory: 204
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,599 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$73 /mo · $874/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $-83

Break-even live

Break-even rent $1,704

Max offer price $210,271

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2110 Beacon Pkwy Granger, IN	3.0	1.0–2.0	1023	$1,698	$1.66	13d	30	1.24mi

Listing history 17 events

1. 2026-06-18
   days on market $225,000 Active 151 DOM
2. 2026-06-17
   days on market $225,000 Active 150 DOM
3. 2026-06-16
   days on market $225,000 Active 149 DOM
4. 2026-06-15
   days on market $225,000 Active 148 DOM
5. 2026-06-14
   days on market $225,000 Active 146 DOM
6. 2026-06-13
   days on market $225,000 Active 145 DOM
7. 2026-06-10
   days on market $225,000 Active 143 DOM
8. 2026-06-09
   days on market $225,000 Active 142 DOM
9. 2026-06-08
   days on market $225,000 Active 141 DOM
10. 2026-06-07
    days on market $225,000 Active 140 DOM
11. 2026-06-02
    days on market $225,000 Active 135 DOM
12. 2026-06-01
    days on market $225,000 Active 134 DOM
13. 2026-05-31
    days on market $225,000 Active 133 DOM
14. 2026-05-30
    days on market $225,000 Active 132 DOM
15. 2026-03-18
    status Active 140-char remark

    Show marketing remark (140 chars)

    Nice and spacious home. The addition was added on in 2009. 2 acres of property for future additions. Nice sized above ground pool - stays.

16. 2025-11-03
    status Pending 140-char remark

    Show marketing remark (140 chars)

    Nice and spacious home. The addition was added on in 2009. 2 acres of property for future additions. Nice sized above ground pool - stays.

17. 2025-09-05
    listed $225,000 Active 140-char remark

    Show marketing remark (140 chars)

    Nice and spacious home. The addition was added on in 2009. 2 acres of property for future additions. Nice sized above ground pool - stays.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $874 · $73/mo
• Projected year-2 tax: $1,393 · $116/mo
• Expected delta: +$519/yr (+$43/mo · 59.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,187
• − Mortgage interest: −$12,603
• − Property taxes: −$874
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,535
• − Management: −$1,535
• − Depreciation: −$6,545
• Taxable loss: −$5,031
• Est. tax savings @ 24.0%: +$1,207
• After-tax cash flow: $207/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 of 301 in IN

Livability — Granger

• Score: 78/100
• State rank: #33
• US rank: #2584

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety B User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granger, IN
• County: Saint Joseph County · 189,048 people
• City population: 31,598
• Metro: South Bend-Mishawaka, IN-MI
• Population (ZIP): 31,598
• Household income: $122,129
• Rent vs Own: 15.6% rent · 84.4% own
• Severe rent burden: 671.0

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 273,186 people
• By 2030: 273,594 · +0.1%
• By 2040: 271,641 · -0.6%
• By 2050: 269,187 · -1.5%
• By 2075: 263,136 · -3.7%
• By 2100: 245,659 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Asian 7% Two or more races 7% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Slovak 3% Italian 3%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% German/W. Germanic 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Toss-up / Even · D 50.0% · R 48.5% · Other 1.5%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.1pp · 2024: 1.5pp
• All cycles: 2024: D+1.5 2020: D+5.8 2016: D+0.2 2012: D+3.5 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.73%
• Current HPI: 194.0944
• Rent YoY: —
• Metro: South Bend-Mishawaka, IN-MI
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

3 events — show timeline

• 2026-03-18 Relisted — IRMLS
• 2025-11-03 Pending — IRMLS
• 2025-09-05 Listed $225,000 IRMLS

Property tax history

+7.5%/yr

Latest (2023): $874 · -8.4% YoY. Source: county tax records.